Key highlights from RBI Governor Shaktikanta Das’ address

Following are the highlights of the Reserve Bank Governor Shaktikanta Das' address on Wednesday: NEW MEASURES: * Special liquidity facility worth Rs 50,000 crore for entities, including vaccine manufacturers; hospitals; pathology labs; manufactures and suppliers of oxygen, for ramping up COVID-related healthcare infrastructure and services.

* Banks are being incentivised for quick delivery of credit under the scheme through extension of priority sector classification to such lending up to March 31, 2022.

* Announces COVID-related stressed assets resolution framework 2.0 under which individuals, small businesses and MSMEs can restructure loans up to Rs 25 crore, if not availed the facility last year.

* RBI relaxes rules for availing overdraft facility for state governments up to September 30.

* Rationalises KYC compliance norms, provides for video-based KYC for certain categories.

* RBI to do a second purchase of govt securities aggregating Rs 35,000 crore in two weeks.

ECONOMY: * RBI says the situation has reversed from being on the foothills of strong economic recovery to facing a fresh crisis.

* RBI will continue to monitor the situation, deploy tools at command to support businesses impacted by COVID, says RBI Governor.

* COVID-19 situation has altered drastically since March, India has been fighting a sharp rise in COVID cases in last few weeks, says RBI Guv * Committed to using unconventional tools to tackle any COVID-triggered stress: RBI Guv * To work with the government to ease stress faced by citizens. Will take big, small steps to tackle stress through the year, says RBI Guv * RBI stands ready to keep financial conditions congenial, markets continue to work efficiently: RBI Guv * Global growth outlook highly uncertain, clouded with downside risk, says RBI Guv * Data shows persistence of input price pressures, normal monsoon forecast should help contain food price inflation, says RBI Guv * Small borrowers, MSMEs, individuals most vulnerable: RBI Guv * India mounted a valiant defence, domestically and globally, to ramp-up vaccines and medical support, and save lives, says RBI Governor * RBI to continue to monitor situation from resurgence of COVID-19 cases; deploy all resources: RBI Governor * Over 250 RBI personnel and service providers – away from their homes – to ensure continuity of RBI operations: RBI Guv * Immediate objective is to save lives, restore livelihoods, says RBI Guv.

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